Gujarat’s Cyber Crime Police have arrested a 26-year-old computer science engineer from Bihar in connection with an alleged forex and cryptocurrency investment fraud that may have impacted users across nearly 100 countries.
As per a local report, the case was registered after a Gujarat-based investor complained of losing more than ₹19 lakh when his repeated attempts to withdraw funds from the WinProFX trading platform were allegedly blocked. Ahmedabad Cyber Crime Deputy Commissioner of Police Dr. Lavina Sinha, Assistant Commissioner of Police Hardik Makadiya, and the Cyber Crime Police Station launched an extensive investigation into the complaint, which subsequently revealed a larger organized cybercrime network operating across state and international boundaries.
How the victim was lured in
According to investigators, the complainant was drawn into the scheme after watching forex trading promotional videos circulating across social media and other online platforms. The videos projected forex trading as a highly profitable investment opportunity and directed potential investors toward a platform known as WinProFX.
The victim began investing through the platform by transferring cryptocurrency in the form of USDT (Tether). The platform’s trading dashboard initially displayed substantial profits, creating the appearance of successful trading activity and encouraging further deposits. However, when the complainant attempted to withdraw the accumulated profits along with his original investment, no funds were returned. Communication from the platform operators gradually stopped, leaving the investor with no way to recover his money.
Investigators allege that the accused persons, acting as part of a pre-planned criminal conspiracy, deliberately gained the trust of investors through false representations and induced them to invest larger sums over time.
Digital forensics lead police to Bihar
Cyber forensic experts conducted a detailed analysis of digital footprints, call detail records, cryptocurrency wallet addresses, bank account transactions, and money trails associated with the platform. Using advanced analytical tools and technical surveillance, investigators pieced together the operational structure of the alleged fraud network.
Intelligence inputs eventually led the investigation to Bihar. Based on the evidence collected, police arrested Kumar Mangalam, a 26-year-old B.Tech graduate in Computer Science, from Begusarai, Bihar.
During the operation, police seized an iPhone, an iPad, and a MacBook from the accused. Investigators claim Mangalam was involved in uploading promotional forex trading videos designed to attract investors to the platform. He is also accused of acting as a website developer and administrator for WinProFX, and of earning revenue through referral codes linked to the platform’s operations.
WinProFX’s global reach and operational structure
WinProFX portrayed itself as an online forex and cryptocurrency trading platform offering investments in foreign exchange pairs, gold, silver, commodities, indices, and digital assets. Investors were encouraged to deposit money either in Indian Rupees or through cryptocurrency wallets.
Police sources revealed that WinProFX claims to be registered in Saint Lucia. Preliminary findings indicate that the platform had approximately 1.93 lakh registered users spread across nearly 100 countries, including India, the United Arab Emirates, Pakistan, the United States, Bangladesh, Vietnam, Afghanistan, the United Kingdom, and several other nations. Investigators suspect that investments running into several crores of rupees may have flowed through the platform over its period of operation.
Despite not being registered to operate in India, the platform allegedly accepted investments from Indian users through local bank accounts and cryptocurrency wallets. Investigators believe this arrangement allowed the operators to reach a large number of Indian investors while functioning entirely outside conventional regulatory oversight.
User reviews on platforms like WikiFX and Trustpilot had already flagged WinProFX as an unregulated broker, with multiple users across countries reporting blocked withdrawals, unresponsive customer support, and fabricated account verification barriers.
Mule accounts and suspected Pakistan connection
Investigators found that deposits into the platform were allegedly routed through mule bank accounts maintained in Haryana with HDFC Bank and Indian Bank. Verification through the Indian Cyber Crime Coordination Centre (I4C) portal reportedly revealed that multiple cyber fraud complaints were already linked to these accounts.
In a significant development, investigators have also found indications that individuals associated with the ownership and management of WinProFX may have links to a Pakistani national. Officials, however, stressed that this aspect remains under active scrutiny and further verification is underway before any conclusive determination can be made.
Charges filed under BNS and IT Act
Following the complaint, Ahmedabad Cyber Crime Police registered a case under Sections 316(2), 318(4), 336(3), 340(2), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with Sections 66(C) and 66(D) of the Information Technology Act, 2000.
With one key accused now in custody, Ahmedabad Cyber Crime Police said they are continuing efforts to identify additional members of the network, trace remaining financial transactions, uncover international connections, and determine the full scale of the alleged fraud.
A pattern that continues to repeat across India
The WinProFX case adds to an alarming and rapidly expanding list of crypto and forex-related fraud investigations across India in 2026. The playbook behind most of these cases has become remarkably consistent: initial contact through social media or promotional videos, trust-building through fake dashboards that display fabricated profits, escalating demands for deposits, and then a complete shutdown of withdrawals and communication once the operators have extracted enough money.
Government data presented in Parliament revealed that reported crypto scam cases jumped from just over 1,300 in the previous fiscal year to more than 11,700 in the first eight months of the current fiscal year, marking an increase of over 700%.
Official figures also indicate that 82% of victims fall between the ages of 20 and 40, and an estimated 41% of Indian crypto users trade on offshore platforms that fall outside domestic regulatory oversight.
In April 2026, the Ministry of Home Affairs, through I4C, issued a formal advisory warning against Trust Wallet drainer scams after a sharp rise in related complaints on the National Cyber Crime Reporting Portal.
Around the same time, Delhi Police busted a ₹74 lakh crypto investment scam that used mule bank accounts and cryptocurrency rails to launder stolen funds. In Yamunanagar, at least 45 investors were allegedly cheated of nearly ₹6.82 crore by a firm operating under the name “BFX Pro.”
The Enforcement Directorate has also been actively pursuing large-scale crypto fraud cases this year. In March, the ED froze nearly ₹500 crore in assets linked to the HPZ Token scam, an investment scheme that allegedly promised unrealistic returns through Bitcoin mining and siphoned off more than ₹2,200 crore from investors through hundreds of shell companies.
India’s enforcement infrastructure against crypto-linked crime has been expanding. The government’s PRAHAAR counter-terrorism strategy, released in February 2026, specifically flagged the growing use of crypto wallets by criminal and terrorist networks. A dedicated darknet and cryptocurrency task force has been set up under the Multi-Agency Centre.
The Union Budget 2025-2026 allocated ₹782 crore for cybersecurity projects. And from April 1, 2026, new powers under the Income Tax Bill now allow authorities to access crypto wallets, emails, and social media during authorised searches.
The I4C has also developed the Sahyog Portal, which facilitates data disclosures in crypto investigations, with more than 45 crypto exchanges now onboarded for cooperation.
Also Read: ED’s ₹2,500 Cr FEMA Probe Opens Regulatory Minefield for India’s VDA Industry
